Treasurer Financial Report February 11, 2019 Nathan Alley, Lincoln - - PowerPoint PPT Presentation

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Jan 29, 2024 211 likes •263 views

Treasurer Financial Report February 11, 2019 Nathan Alley, Lincoln Academy Board Treasurer Finance Committee: (Staff) Janelle Johnson, Cindie Poulter, Larisa Rogers, Jeanne Coyle (Parents) Jeff Baucum PPR revenues from 5A funds increased

SLIDE 1

Treasurer Financial Report

February 11, 2019 Nathan Alley, Lincoln Academy Board Treasurer Finance Committee: (Staff) Janelle Johnson, Cindie Poulter, Larisa Rogers, Jeanne Coyle (Parents) Jeff Baucum

SLIDE 2

PPR revenues from 5A funds increased to

$407 (from $400) for 2018-19.

Discussions are still taking place for

determining the proposed use of the additional 5A funds. We will not decide on this in February. Funds will become available in April.

Because of the school cancellation due to

inclement weather. The regularly scheduled finance committee meeting on Feb 7, 2019, was also cancelled. For this reason, I will not be presenting an opinion to the board.

SLIDE 3

2018-2019 Budget & 5-Year Projections

2018-2019 Projecting a loss of $256k
$375k for Fire Alarms upgrade
2019-2020 is the final year of classroom
growth. Student increases will level out

after that

2020-2021 is the final year of payments

for the temporary building.

Operating margins have skyrocketed

because of the election measures. These numbers will level off once the additional revenue is apportioned.

Dec 2018 Report

DRAFT BASED ON BUDGETING 12/10/18 School Year School Year School Year School Year School Year School Year Prior Year 2017-18 Current 2018-19 2019-20 2020-21 2021-22 2022-23 Actuals 1 2 3 4 5

EXECUTIVE SUMMARY

STUDENT ONE DAY COUNT

690.0 703.0 725.0 723.0 723.0 723.0

PPR

7,473.15 $ 7,945 $ 8,199 $ 8,461 $ 8,732 $ 9,011 $

Capital Reserves

463,350.00 $ 463,350 $ 463,350 $ 463,350 $ 463,350 $ 463,350 $

School Obligation

7,785,168.00 $ 7,785,168 $ 7,785,168 $ 7,785,168 $ 7,785,168 $ 7,785,168 $

Operating Debt Ratio (<18% of Rev)

11.2% 10.2% 9.8% 9.4% 5.5% 5.4%

Debt Service Coverage (>1.0; 1.1 better)

1.31 0.64 1.86 1.84 2.99 2.91

Unrestricted Cash as % of Exp (8%<>17%)

32.6% 22.6% 33.8% 41.3% 54.4% 64.1%

Days Unrestricted Cash on Hand (>40)

148 115 153 180 228 264 REVENUE OVER EXPENSES 241,626.98 $ (281,696) $ 674,460 $ 644,865 $ 919,817 $ 886,477 $ Operating Margin 3.5%

3.7%

8.4% 7.9% 11.0% 10.4%

CARRYFORWARD

2,887,030.98 $ 2,605,335 $ 3,279,795 $ 3,924,660 $ 4,844,477 $ 5,730,954 $

LINCOLN ACADEMY CHARTER SCHOOL 5 Year Plan 2018 - 2023

SLIDE 4

Annual Budgeted P&L

Dec 2018 Report

School Year School Year School Year School Year School Year School Year Prior Year 2017-18 Current 2018-19 2019-20 2020-21 2021-22 2022-23 Actuals 1 2 3 4 5 REVENUES 6,884,508 $ 7,614,239 $ 8,013,633 $ 8,168,255 $ 8,349,349 $ 8,536,928 $ SALARIES 3,564,137 $ 4,090,568 $ 3,849,455 $ 3,982,103 $ 4,121,665 $ 4,268,327 $ BENEFITS 858,186 $ 1,067,717 $ 967,353 $ 1,010,642 $ 1,056,366 $ 1,104,626 $ TOTAL BENEFITS AND SALARY 4,422,323 $ 5,158,285 $ 4,816,807 $ 4,992,746 $ 5,178,031 $ 5,372,954 $

PURCHASE SERVICES 1,908,908 $ 2,054,358 $ 2,121,790 $ 2,123,557 $ 1,837,772 $ 1,856,994 $ CAPITAL OUTLAY 52,856 $ 375,000 $ 75,000 $ 75,000 $ 75,000 $ 75,000 $

TOTAL EXPENDITURES 6,642,881 $ 7,895,936 $ 7,339,173 $ 7,523,390 $ 7,429,532 $ 7,650,451 $

REVENUE OVER EXPENSES 241,627 $ (281,696) $ 674,460 $ 644,865 $ 919,817 $ 886,477 $

CARRY FORWARD

2,887,031 $ 2,605,335 $ 3,279,795 $ 3,924,660 $ 4,844,477 $ 5,730,954 $

Fiscal Metrics Actuals Current Year Projection Year 2 Year 3 Year 4 Year 5 Tabor Reserve Requirement 206,535 $ 228,427 $ 240,409 $ 245,048 $ 250,480 $ 256,108 $ Bond Cash Reserve Requirment 754,467 $ 834,437 $ 878,206 $ 895,151 $ 914,997 $ 935,554 $ Unrestricted Operating Funds (Reserves) 2,164,836 $ 1,781,123 $ 2,483,721 $ 3,108,398 $ 4,038,501 $ 4,900,768 $ Expense cost per day 18,055 $ 20,605 $ 19,902 $ 20,407 $ 20,149 $ 20,755 $ Salaries 52% 54% 48% 49% 49% 50% Benefits 12% 14% 12% 12% 13% 13% PURCHASE SERVICES 28% 27% 26% 26% 22% 22% MATERIAL AND SUPPLIES 4% 4% 4% 4% 4% 4% CAPITAL OUTLAY 1% 5% 1% 1% 1% 1% Total Expenditures as % of Rev 96% 104% 92% 92% 89% 90% Total Revenue per Student 9,978 $ 10,831 $ 11,053 $ 11,298 $ 11,548 $ 11,808 $ Total Expense per Student 9,627 $ 11,232 $ 10,123 $ 10,406 $ 10,276 $ 10,582 $ Salaries as % of Total Expenses 53.7% 51.8% 52.5% 52.9% 55.5% 55.8% Debt costs 774,249 $ 776,664 $ 781,664 $ 767,637 $ 463,128 $ 463,128 $ Debt cost as % of Revneue 11.2% 10.2% 9.8% 9.4% 5.5% 5.4% Building costs 213,943 $ 321,478 $ 328,533 $ 333,247 $ 338,262 $ 343,378 $ Facility and Debt costs as % of Revenue 14% 14% 14% 13% 10% 9% Future Year Projections